Will gold continue downwards?

Will the gold continue downwards

Will gold continue downwards?

The technical outlook for the global gold ounce has not changed. Yesterday, the price of gold rose and closed for a fifth consecutive day in a positive range. You can expect to continue the upward moves. The golden ounce weekly chart has the ability to climb up to $ 1236.6. The pattern of AB = CD is also being completed in the weekly chart. The estimated 127.2% of the pattern AB = CD is near the $ 1260 resistance. On the golden daily ounce chart, we see that the market is trading in the bullish channel and can reach a resistance of $ 1236.9, which is well matched with a weekly resistance of $ 1236.6.

On the charts of the ounce, the gold resistance line drawn from the peak of 1243. 4 is the next target of the market. In addition, the Fibonacci retracement of 78.6% resistance at 1228.7 and resistance 161.8% in 1229.3 are ahead of the market and the RSI indicator also reflects the conditions of saturation of purchases and bullish divergence. The possibility of a golden ounce downtrend from the resistance trend line to a continuous downward movement is very low. Because both weekly and daily charts show continued upside movements to $ 1,236.

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Price action strategy

Although a downward spiral of the four-hour resistance trend line is likely, traders should focus on a 1236.6-weekly weekly resistance. The 4-hour supply range 1245 .0-1240. 3 is also above the weekly resistance, which is why there is a possibility of fake weekly resistance. Accordingly, a 4-consecutive downtrend penny around the weekly resistance could enter into an ounce of gold purchase deal. The first profit margin is to sell gold ounces above the 4-hour resistance line.

Will the gold continue downwards

analysis

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